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9F’s largest revenue source is merchandise sold to consumers through its stores on third-party e-commerce platforms. It sets prices, contracts directly with buyers and is responsible for delivery, earning sales revenue rather than simply collecting a marketplace commission. Technology services account for most of the remaining revenue: financial institutions pay 9F for help finding customers, assessing credit risk, modeling data and developing customized software.
Much of that technology income still comes from services connected to its former online lending business. Jiufu Puhui no longer arranges loans; it supports third parties collecting and servicing outstanding loans as the business winds down under government supervision. This leaves the technology business dependent on demand tied to legacy activities, while tighter rules on banks’ internet lending have reduced its technology-related business.
Wealth management is a smaller business, earning mainly from insurance customer referrals. Ether Wealth Management Limited offers insurance and wealth-planning services, while Metaverse Securities Limited connects individual investors to Hong Kong and U.S. securities markets and earns brokerage commissions and other service fees.
Those securities services depend on client trading activity and regulatory permission. 9F operates through a Hong Kong-licensed subsidiary but has no securities brokerage license in mainland China, even though a significant portion of its clients are Chinese nationals. It removed MetaStock from mainland app stores to address compliance uncertainty; mainland regulators could restrict services they consider subject to local licensing.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Beyond these fintech peers, watch 9F’s Chinese merchandise sales, investment-market performance and Hubei Consumption Financial Company, both a technology-services partner and a significant equity investment.
Qfin competes with 9F for fees from Chinese financial institutions by helping them find borrowers, assess credit and manage loans after lending. Watch Qfin’s technology-service business for signs of those institutions’ demand for the services that also earn 9F fees.
Lexin competes with 9F for banking partners that pay for customer-acquisition and credit-risk technology, while both also sell to consumers through e-commerce. Watch Lexin’s bank-facing technology business and installment-shopping platform separately: they offer comparisons for 9F’s technical services and merchandise sales, not the same revenue stream.
Jiayin competes with 9F to introduce borrowers to Chinese institutional lenders and provide initial credit-risk assessments, earning most of its revenue from funding partners and cooperating guarantee companies. Its activity in unsecured consumer loans is worth watching as a gauge of the lending demand behind 9F’s institutional technology services.
Yiren Digital competes with 9F in services that institutional lenders pay for to find borrowers and manage loans after lending, and both also run insurance-brokerage businesses. Watch Yiren’s insurance brokerage alongside its lending services: insurance customer-referral income drove the growth in 9F’s wealth-management revenue in 2025.
X Financial’s consumer-loan activity in mainland China offers a read on the lending demand behind 9F’s fees for helping financial institutions find customers and manage risk; X Financial earns fees by connecting borrowers with institutional funders and servicing loans. Watch its Xiaoying Credit Loan volume alongside rules for bank-funded online lending, which 9F says have reduced its technology-based business.
Qfin Holdings, Inc. earningsQFIN
Qfin’s report will show whether financial institutions are buying the borrower-acquisition and risk tools that also earn 9F technology-service fees.
Look for whether Qfin’s technology-service business is active, then compare that with the direction of 9F’s technology empowerment revenue. Steady or stronger Qfin activity suggests institutions are still buying these services, supporting the demand backdrop for 9F; weaker activity points to possible pressure. The companies and their customers are not identical, so Qfin’s result is a signal, not 9F’s result.
X Financial earningsXYF
X Financial’s report will show activity in mainland China unsecured consumer loans, a gauge of the lending demand behind 9F’s financial-institution technology services.
Read Xiaoying Credit Loan volume alongside X Financial’s discussion of rules for bank-funded online lending. Steady or rising volume suggests this lending activity still has demand, which could support institutions’ need for 9F’s customer-acquisition and risk services. Falling volume points to pressure on lending activity or funding and a weaker backdrop for those services; X Financial’s volume is not a measure of 9F’s own demand or revenue.
Yiren Digital Ltd. earningsYRD
Yiren Digital’s report will show whether insurance-brokerage demand is holding up, a relevant check on the referral income that lifted 9F’s wealth-management revenue in 2025.
Look at Yiren Digital’s insurance-brokerage activity alongside 9F’s insurance-services revenue, which rose from RMB32.3 million in 2024 to RMB34.6 million in 2025. Steady or stronger Yiren activity would suggest insurance-referral demand remains supportive of this 9F revenue stream; weaker activity would put that growth driver in doubt. Their customers and products are not necessarily the same.
LexinFintech Holdings Ltd. earningsLX
Lexin’s e-commerce report will show whether consumers are still buying merchandise online, a demand check for 9F’s direct-to-customer sales.
Compare Lexin’s e-commerce activity with 9F’s sales income. Steady or stronger Lexin activity suggests online merchandise demand is holding up, a supportive backdrop for 9F’s direct sales; weakness points to possible pressure. But 9F attributed its 2025 sales-income increase to product-mix and sales-strategy changes, so differences may reflect business choices as well as demand.
